Mar 30, 2011 05:06 PM
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A Home Loan last for years, and you pay the EMI every month, so even a little saving in the EMI can make big contribution to your Annual savings. On the other way it can also increase your expenses in multiple.
Reader I m writing this review so that you can get the benefit from my experience. We all know that we should go for the less rate of interest, but still we found it more than what others are paying.
I am writing "What you should do." and "Why you should do it?" Hope it will help you to find the right choice.
1. Do Not Go to Private Bank.
Why: Coz they will not tell you the truth and you end up pay more.
These are private, Employee have pressure to achive the target at any cost. They don't even hesitate to lie. These banks have tricks to lure you and make you fool. Moreover then can change the policy, just like that. For example:
In HDFC: if you are new customer you will get loan at 8.5% Where as for old customer the rate is 10.25%. and after a year or two this newbie will end up paying at 10.25.
To choose correct bank is very important. These banks are very good to process your loan request, but once you are customer you will face all the'Kasht'. So Say NO NO to banks like ICICI, HDFC, Standard Charter, CityBank etc.
2.Go to National Banks.
Why:They are more ethical.You might not see the ads of these banks and they don't have clean clad offices but they are good. Banks like SBI, Indian Bank, Union Bank, BoI, BoB etc are few of them just find one near to your home.
3. Don't be Lazy
Why: Getting things done in a National bank is not easy. You might find
- have to go the bank more than you usually you need.
But all these effort worth it.
3. Be prepared with documents
Why: These banks follow the rules. So if you want to get your work done fast and quick bring all the required documents. Just don't give them any chance to send you home to bring a piece of paper.
4. Have patience
Why: Processing your loan might take some time, normally it takes 3 to 4 weeks. But you should alway be in touch with the loan officer to know the progress. This helps to speed up the process.
5. Look for Offers
Why: *Offers and Scheme avail you to get cheap loans. Cheaper then ever. Normally these offers last for months so you don't need to rush. But do check more than one bank for the available offers.
I think all these are important points you should consider. If you have encounter some more pls do write in comments. Lets help other to make a better decision and a Happy Sweet Home.
